I have owned a home in Connecticut for many years. A few months ago I lost my job and fell behind in my mortgage payments. The house is now in foreclosure. If I lose it to foreclosure, is there any way for me to get it back afterwards? I am interviewing for a job, and may be employed soon.
No, you can’t get the home back after the foreclosure is completed. In Connecticut, you have up until what is called the “Law Day” in a strict foreclosure, or until the court confirms the foreclosure sale in a decree of sale foreclosure, if you want to pay off the debt and keep the home. This is called “redeeming” the house.
In Connecticut, lenders may foreclose through one of two judicial procedures: strict foreclosure (where the court transfers title directly to the foreclosing party without ordering a sale) and a decree of sale foreclosure (where the court orders a foreclosure sale). In a nutshell, here are the rules regarding redemption, which are explained in more detail below:
Most foreclosures in Connecticut are strict foreclosures.
In a strict foreclosure, the court sets the redemption period, which is the time between the judgment and the Law Day. The Law Day can be as soon as 21 days after the court enters a judgment of strict foreclosure. However, it is typically between 45 and 90 days after the judgment. If you do not redeem by the Law Day, you lose ownership of the home.
How to request an extension of the Law Day. You can request that the judge extend the Law Day by filing a motion with the court. The motion must be filed and heard before the Law Day. If you are unsure about when your Law Day is, call the court clerk.
If the court orders a foreclosure sale, you can redeem the home between the judgment and the sale date. This is usually 60 to 90 days. You can also redeem the home during the time the court takes to confirm the sale, usually 14 to 30 days.
In order to redeem, you must pay the full judgment amount, plus all other lawful charges such as interest, attorneys' fees, and costs.
To find out the procedure for redeeming your home, check with the court or consult with a Connecticut attorney.
In most cases if you want to keep your home, it is better to take action early in the foreclosure process. This will give you more options to save the property. For example:
Foreclosures in Connecticut only take a few months to complete so be sure to explore alternatives to foreclosure as soon as possible.
Also, you might want to check out the Connecticut Housing Finance Authority (CHFA), which offers foreclosure prevention programs to homeowners facing foreclosure in Connecticut.
To find the statutes that discuss your right to redeem the home after a foreclosure in Connecticut, go to Volume 12, Title 49, Chapter 846 of the Connecticut statutes.